The committee on ECF was set up by the central bank in December last year and was expected to submit its report within 90 days from the date of its first meeting.
The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 per cent from 3.3 per cent of GDP estimated earlier for the financial year ended March 31.
The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved designating Garg as the Finance Secretary, it said.
As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 per cent for the current fiscal year ending March 31.
Department of Economic Affairs Secretary Subhash Chandra Garg tells Moneycontrol in an interview that the government will achieve the targetted Rs 80,000 crore of disinvestment revenues in 2018-19
While there is no formal declaration by the Indian government on the legalisation of cryptocurrencies, the response has made it clear the government is planning to regulate them
Following the IL&FS defaults, many major NBFCs like DHFL and Indiabulls among others had bad times leading to a massive fall in their stock prices.
Economic Affairs Secretary says the printing of Rs 2,000 notes is going on as per projected requirement
Economic Affairs Secretary Subhash Chandra Garg on Wednesday said the government will seek interim dividend from the Reserve Bank of India.
The government data released Friday shows India's economy grew at 7.1 percent in July-September, lowest in three quarters.
DEA Secretary Subhash Chandra Garg has ruled out any immediate request for transfer of a part of RBI’s funds. But he said the government is proposing to review and define uses of funds on the central bank’s balance sheet.
Acharya, in his much talked about speech last week, had raised the issue of autonomy of central bank and undermining the central bank's independence could be "potentially catastrophic".
"What has been affected is financial sector investment. We have seen some withdrawal specially in the debt market. This year we have seen close to about USD 10-11 billion of outflows. This volatility is what concerns us,” Garg said speaking at an event here.
Govt awaiting RBI and Subhash Garg-panel report on digital currencies to draw up a rule book on digital currencies
Garg expressed hope that the prudent policy measures being undertaken now will also help contain the stress, currently seen in financial condition tightening, and oil prices
Economic Affairs Secretary Subhash Chandra Garg had said in June if needed the government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bonds or other routes to increase forex reserves.
He further said that the reduction of Rs 70,000 crore would be managed by a mix of reducing buybacks as well as additional flows from small savings.
After the proposed strategic disinvestment of Air India did not find any takers in May, the government has been looking at ways, including sale of non-core assets, to bolster the carrier's fortunes.
"IL&FS is independent of government. It has independent board and shareholders. So, IL&FS needs to resolve its issues on its own and I think it is capable of doing it," Garg said in an interview.
In the morning trade, the rupee collapsed to a lifetime low of 72.91 against the dollar, amid surging crude oil prices and uanabated foreign fund outflows.
"Welcome 100 million dollar investment by a Temasek company in NIIF today in the Master Fund. This completes second close of NIIF," Garg tweeted.
Indian markets fell for the second straight day as fresh concerns emerged over a April circular issued by the Securities and Exchange Board of India that said foreign investment rules for companies of Indian origin had been tightened.
"I earnestly believe that this increase in oil prices is really temporary," Economic Affairs Secretary Subhash Chandra Garg told reporters here.
Asked about a mere 1 paise reduction in petrol prices announced by oil companies yesterday, Garg termed it "formula driven", but added that the trend for reduction had begun.
Economic Affairs Secretary Subhash Chandra Garg would meet ADB president Takehiko Nakao tomorrow where he would push for increasing the ADB's lending commitment to India.